TripAdvisor shares pop 18% on fast-growing leisure offerings

TripAdvisor shares rose more than 18 percent in trading Thursday after the travel company reported third-quarter earnings were boosted by its growing non-hotel business.

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"We are on track to deliver strong profit growth in 2018, and we are well-positioned heading into 2019," TripAdvisor CFO Ernst Teunissen said in a statement.

TripAdvisor reported adjusted earnings of $0.72 a share, beating Wall Street estimates by 24 cents according to FactSet. The company's earnings growth was driven by its non-hotel segment, which gained 20 percent year-over-year. TripAdvisor's non-hotel business focuses on tours, restaurants and activities.

The company missed revenue expectations slightly, reporting $458 million for the third quarter as opposed to the $469.1 million analysts expected. TripAdvisor's hotel segment declined 2 percent in year-over-year revenue.

TripAdvisor shares are up 68 percent this year as of Wednesday's close of $58.07 a share.